Medical Tourism Market is projected to grow from US$56.333 billion in 2018 to US$136.591 billion in 2023, growing at a CAGR of 19.38% over the forecast period. Continuous rising medical costs in the U.S. and Europe with improved standards of healthcare technology in developing nations like India and China are driving the growth of the medical tourism industry. Other factors such as the rising aging population worldwide, availability of affordable world-class medical facilities in emerging economies, and high medical insurance costs in developed regions are also boosting the demand for medical tourism globally.
APAC region has become the new hub for the medical tourism industry as countries in this region comprise high standards of hospitality with wide exposure to the latest technology in the medical sector. The availability of low-priced medical treatment options coupled with improved infrastructure in terms of healthcare facilities is making the Asia Pacific an attractive location for medical tourism. While countries such as Thailand, India, and Malaysia have already become key regions for medical tourists, several new countries like UAE and Taiwan are becoming new players in the global medical tourism industry. Growing demand for specialized surgeries such as breast augmentation, dermabrasion, and rhinoplasty and better pricing of such cosmetic surgeries in these countries will further fuel the growth of the medical tourism market during the forecast period.
This section of the report presents a detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segments which have been covered as part of the report.
Comprehensive market dynamics have been analyzed through key market driving factors, challenges to growth, and the opportunities which exist for vendors in the current scenario. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.
Competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are Fortis Healthcare Limited, Bumrungrad International Hospital, Cosmedic Travel, KPJ Healthcare Berhad, George Medical Getaway, ABT Global, Raffles Medical Group Ltd, BB Health Solutions, and Euromedical Tours among others.
The Global Medical Tourism market has been segmented by treatment type and geography as follows:
By Treatment Type
Europe Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What is the size of the global medical tourism market?
A1. Medical Tourism Market was valued at US$56.333 billion in 2018.
Q2. What will be the medical tourism market size by 2023?
A2. The medical tourism market is projected to reach a total market size of US$136.591 billion by 2023.
Q3. What are the growth prospects for the medical tourism market?
A3. The global medical tourism market is projected to grow at a CAGR of 19.38% during the forecast period.
Q4. What factors are anticipated to drive the medical tourism market growth?
A4. Continuous rising medical costs in the U.S. and Europe with improved standards of healthcare technology in developing nations like India and China are driving the growth of the medical tourism industry.
Q5. Who are the major players in the medical tourism market?
A5. Key industry players profiled as part of the medical tourism market report are Fortis Healthcare Limited, Bumrungrad International Hospital, Cosmedic Travel, KPJ Healthcare Berhad, George Medical Getaway, among others.